3one4 Capital raises $100 million fund to invest in tech-led startups
3one4 Capital, a venture capital firm in India, has recently raised funding worth $100 million. It is the 3rd and largest fund raised by the firm to significantly invest in the tech-led startups, which was managed by Siddharth Pai and Pranav Pai, sons of TV Mohandas Pai, former Infosys senior executive.
The venture capital firm has raised nearly 40% of the total fund. Around 30-40% of the fund will be raised by new investors, while the remaining will come from the existing limited partners (LPs). The company is targeting to close the funding within the next 12 to 18 months.
As per a reported statement made by the founding partner of 3one4, Pranav Pai, the recent funding round will enable the company to continuously aid various startups via its services as well as enter new sectors for enhanced customer reach.
3one4 has been serving a wide range of companies namely Yulu Bikes, Open and Jupiter (neobanks), Darwinbox (software startup), Mitron (social media app), and Licious (meat delivery startup). The capability of the company to raise new funds amid the pandemic can be attributed to its portfolio companies as well as online services that have benefitted businesses by boosting the digital consumption.
The latest funding round is backed by Emory Investment Management (large U.S. endowment), Sojitz (Japanese corporation), Catamaran Ventures, Infina (private investment company), as well as other institutions and family offices in India.
The new funds have been raised by 3one4 to extensively invest in agricultural technology and health startups. Additionally, the fundraising event demonstrates a relatively positive environment for investors. The pandemic has spelled doom & gloom for the economy as well as the startup ecosystem across the country, leading to a sharp decline in revenue, suspension of deals, and employee layoffs.
Since then, venture capital firm, Sequoia India has closed funds of $1.35 billion, which is expected to be deployed in the coming years. Moreover, Lightspeed India also has raised funding worth $275 million.
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